Helping you and the economy grow
Reminder: The 5th of June 2020 is the deadline for the Annual Reporting to the Financial Sector Transformation Council (FSTC) for the measurement period of the 1st of December 2018 to the 30th of November 2019. In the Annual report, Financial Institutions (FIs) should include their progress in implementing the...
First and foremost, EconoBEE truly hopes that everyone is staying safe and sane during these unprecedented times that we find ourselves in! South Africans are certainly an incredibly resilient people and we have no doubt that we will emerge from this as a stronger nation in the months to come....
1) The Department of Employment and Labour’s response to the impact of COVID 19 on the implementation of Employment Equity in the Labour Market Please find below a brief summary of the Commission for Employment Equity’s (CEE) response to the COVID-19 pandemic: First and foremost, they are aware of the...
As we enter the 4th week of our country-wide lockdown, I sincerely hope that everyone is coping as best they can, staying safe and coming to terms with working from home! To all our clients in South Africa, we truly value your support and business and look forward to continue...
Firstly, we would like to wish all those that celebrate, a Happy Easter 🙂 . We at EconoBEE hope you are staying safe and getting the hang of working from home! Our team has remote working capabilities and so is hard at work during this lockdown period, so please do...
In the new ICT codes, provision is made for equity ownership by historically disadvantaged persons (HDG). HDG means black persons, women and persons with disabilities and youth, who before the Constitution of the Republic of South Africa 1996 came into operation were disadvantaged by unfair discrimination on the basis of...
We’ve attached a document that gives an outline of EconoBEE’s learnerships and apprenticeships currently on offer. Before we look at that though, let’s take a look at how and why skills development in South Africa is so important, within a BEE framework. Grow your own timber through skills development...
In the past two newsletters we touched on the YES initiative and the importance of succession planning. In this newsletter we would like to discuss how it can all link and make business sense. As previously mentioned, none of these activities will ever work in any entity if they do...
Are you ready for an inspection by the Labour Department in terms of your Employment Equity compliance? The 19th report of the Commission on Employment Equity entitled: “Transformation makes business sense” reflects the increase in employment equity reporting especially in the private sector. Part of the increase in number is attributed...
“All that glitters is not gold”. True and valid ownership in Broad-based black economic empowerment deals using trusts. The aim of the Broad-Based Black Economic Empowerment Act 53 of 2003 (B-BBEE Act) is the facilitation of B-BBEE by giving access to the economy which results in the necessary economic transformation...
A few weeks ago, we sent out a newsletter to inform all the designated employers that the Employment Equity submissions to the Department of Labour window period has officially opened. We at EconoBEE thought we should take a moment to remind you to get those submissions in and to inform...
On the 25th of September 2019 the draft amendment Tourism B-BBEE sector codes were announced. The draft amendment Tourism sector codes aim to create a sustainable tourism industry that is globally competitive, but also transformed with the empowerment of Black people. The sub-minimum requirement for the priority elements of ownership,...
Sales of Assets: Grey Area of Interpretation Sale of assets is a recognized avenue to facilitate ownership within B-BBEE ownership deals. Is there a grey area of interpretation of how the sale of assets should be calculated? The requirements for a sale of an asset to qualify for ownership,...
I’d like to share a story with you. Recently a very large company lost out on a huge tender due to not having a favourable BEE rating. Their product was great, their service was great, but their BEE status was not great. I often hear people saying, “I’m in a...
In our previous newsletter we touched on the disconnect between Management Control and Employment Equity. In this newsletter, though, we are reminding you that the Employment Equity report submission window period to the DoL runs from the 1st of September 2019 to 15 January 2020. Designated employers (companies, government departments)...
A designated employer is required in terms of the Employment Equity Act to create a representative workforce at each occupational category/level. An employer is held to be designated if they employ 50 or more employees. Should an employer have fewer than 50 employees, but have a total annual turnover as...
In one of our previous newsletters, we mentioned that B-BBEE still remains an absolute necessity and will be around for many years to come, albeit in an evolved form. President Cyril Ramaphosa’s recent speech to the National Assembly, is proving this true: “We are not going to scrap B-BBEE, because...
The date of the 18th of July has been adopted by the international community as Nelson Mandela International Day. In South Africa, we have the opportunity to take this one step further by embracing the aims of the Mandela Day movement and incorporating this within our Socio-Economic Development (SED) strategies....
News within the B-BBEE community (and South African Business) has lately been dominated by articles discussing fronting and recent strides being made by the B-BBEE commission in clamping down on unlawful transactions, specific to the ownership element. In a recent article Busisiwe Ngwenya, the executive manager for compliance at the...
Tired of buying BEE points? Or rather see BEE as a grudge purchase? Want to make a genuine difference in South Africa? Want to grow your business? Contact EconoBEE to explain how our revolutionary managed service has helped thousands of clients implement sustainable BEE activities in a way that makes...
Recently we’ve been talking a lot about ownership and how to implement it correctly in your business, but now the new topic is around the latest amendments to the codes. We have analyzed the new amendments that were released on 31 May 2019 (Government Gazette No 42496). Some interesting changes...
Would you be interested in listening to one of the most knowledgeable individuals in the country when it comes to BEE legislation and the interpretation thereof? Lianne Friedman, our CEO, is hosting a series of full day workshops that will assist you in preparing for financial year end, help obtain...
The Chartered Accountancy Charter has been gazetted in draft for 60 days public comment. The scope of the charter affects all companies who employ South African Institute of Chartered Accountants trainees and members who offer SAICA training programmes. The various bodies and stakeholders to the CA Charter includes IRBA, AAT,...
Ownership is an important priority element and, for years, we at EconoBEE have been saying that ownership needs to be done properly. Ownership deals must show valid economic interest and exercisable voting rights to black people in terms of the BEE Act. Voting rights and economic interest, and not just...
The representation of women in the business world and economy has historically been a challenge within South Africa, more so in male-dominated professions. In terms of ownership, management control, enterprise and supplier development, skills development and socio-economic development there is recognition given to the representation of women in all five...
BREAKING NEWS – Recently, a very large and well-known verification agency had their accreditation suspended by SANAS due to suspected unethical business practices. As a company, EconoBEE has always been outspoken about doing things right and implementing sustainable BEE transactions. In our line of work, our reputation, our ethics, and...
Download our list here. Please contact 011 483 1190 or email info@econobee.co.za for more information regarding the learnerships and apprenticeships on offer and the booking thereof. eLearning / Online Learnerships NQF SAQA Duration General Education and Training Certificate: Hygiene and Cleaning 1 57937 12 Months National Certificate: Contact Centre Support...
With the return of load shedding and a relatively flat economic growth trajectory, one could be forgiven for thinking that the business outlook is sluggish. How can we grow the economy and create a better South Africa for ourselves and generations to come? There are many reasons for our current...
Skills Development is not as expensive as you may think. The Skills Development Act aims to develop the skills of the South African workforce, thereby improving the quality of life for workers and giving them more prospects of work. It also aims to improve productivity in the workplace, the competitiveness...
We can help alleviate your Skills Development pressure The Skills Development element can be a headache when you are trying to improve your B-BBEE scorecards. Previously, QSE’s could avoid this element by complying with other elements on the scorecard. This is now no longer possible and if QSE and Generic...